Andera unveils fraud-detection software

PROVIDENCE – Andera Inc., a software developer catering to financial institutions looking to attract customers online, launched new software to detect fraud during the account-opening process on June 8.

Account fraud is usually not detected until transactions are made in existing accounts. But FortiFI, Andera’s software program, can scan new customer data across its client base of more than 500 financial institutions to catch suspicious activity while accounts are being created.

The company software will continue to learn over time to adjust to patterns and tactics of fraud.

FortiFI will be included in Andera’s packages of services for clients, and institutions that don’t use the company’s other products can purchase it separately.

In recent tests, FortiFI caught two fraud rings attempting to open 168 accounts and was able to prevent all but one of the accounts from being created.

Of companies surveyed by Andera, 63 percent had experienced fraud and lost an average of $20,000 in each case.